Reliance Jio Infocomm Limited has released its unaudited standalone and consolidated financial results for the quarter ended (QE) and year ended March 31, 2023. The company reported a net profit of Rs 47.16 billion during the reported quarter. Its revenue from operations rose to Rs 233.94 billion during the quarter compared with Rs 229.98 billion in the previous quarter. Revenue from operations increased primarily driven by a sustained increase in the subscriber base for the connectivity business.

Meanwhile, net profit for the fiscal year (FY) 2022-23 stood at Rs 182.07 billion, up from Rs 148.17 billion in the previous year. Revenue for operations during the year ended March 2023 was Rs 913.73 billion, up from Rs 773.56 billion in the previous financial year. Healthy growth in revenue from operations was led by the full impact of tariff hike, ramp-up of wireline services and continued subscriber addition for mobility services.

The operator had 439.3 million users as of March 31, 2022, 7.1 per cent higher than a year ago. As per the company, average revenue per user (ARPU) increased 6.7 per cent year-on-year (YoY) sequentially to Rs 178.8 due to better subscriber mix and data add-ons within select customer cohorts. 

Commenting on the results, Akash M Ambani, chairman, Reliance Jio Infocomm Limited, said, “Jio has taken formidable strides in pioneering 5G rollout across the country with unmatched speed of execution. 5G has led to a significant improvement in customer experience, reflected in the higher engagement levels among Jio users. Jio remains committed to build a robust digital society with tailormade technology platforms which will drive sustained growth in earning and value for all stakeholders.”